Capital inflows into BTC have continued to soften, despite the formation of a new all-time high at $123,640 on 14 August. This cooling in demand underscores the more measured appetite from investors at this stage of the cycle. Last week, risk-off positioning into the Jackson Hole symposium saw BTC sink to $111,990 and ETH to $4,209.80, coinciding with renewed weakness in US spot ETF flows.
Figure 2. USBased ETFs Bitcoin Net Flows Across Major Providers. Source: FarsideUK
BTC ETFs recorded $1.18 billion in net outflows over the week, while Ether ETFs registered $197 million in outflows just last Monday alone — the second-largest daily exit for ETH ETFs on record.